Last checked at 28 May 2020 14:07
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) Joint Venture Partner Fe Limited announces FIRB approval for sale of Iron Ore royalty.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) ("Macarthur") Joint Venture Partner, Fe Limited ("FEL") has announced that the sale of its Evanston royalty interest to Trident Resources PLC (LSX: TRR) has been granted approval from Australia's Foreign Investment Review Board (FIRB).
The transaction has already received approval from FEL's Shareholders, and the announcement by FEL that FIRB approval has also been granted is another important step. The transaction remains subject to Trident commencing trading on the AIM Market of the London Stock Exchange, which has been targeted to occur by 2 June 2020.
FEL has entered into an earn-in agreement with Macarthur for eight tenements in the Pilbara region of Western Australia, including the Hillside Gold and Copper Project. Under the terms of the earn-in agreement, Macarthur acquired 5.4% of the ordinary shares in FEL in August 2019 as consideration for the stage 1 Option Exercise Fee. The Evanston royalty transaction will provide FEL with the necessary funding to support its ongoing exploration programs, including follow-up works to the recent drilling program completed at the Hillside Gold and Copper Project.
Macarthur President and Executive Chairman Cameron McCall commented: "The confirmation that the sale of FEL's royalty interest to Trident Resources has cleared a key regulatory approval requirement in Australia with the FIRB is further pleasing news for our joint venture partner FEL and its ability to fund its ongoing exploration programs, including further exploration activities on Macarthur's Pilbara tenements encompassing the Hillside, Panorama, and Strelley projects. Macarthur looks forward to working with FEL on furthering these opportunities and delivering value to its shareholders."
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7644276339781005&qm_symbol=MMS
Cadence Minerals Holding in Macarthur
Cadence holds approximately 4.1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
This news release is not for distribution to United States Services or for Dissemination in the United States.
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.